USD/CAD drops further, near 1.3130

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The Canadian dollar is gathering further traction on Wednesday, sending USD/CAD to test the lower bound of the range near 1.3130.

    USD/CAD weaker on oil, eyes on FOMC

    Today’s rally in crude oil prices – WTI up nearly 6% - continues to lend support to CAD and has prompted spot to erode yesterday’s important advance to the 1.3280 area.

    Ahead in the session, the FOMC gathering will grab all the attention, as market participants will closely follow the statement looking for clues on the potential timing of the Fed’s lift-off.

    USD/CAD levels to consider

    As of writing, the pair is retreating 1.01 % at 1.3135 facing the next support at 1.3100 (psychological level) followed by 1.3069 (61.8% Fibo of 1.3459-1.2827) and finally 1.2998 (100-day sma). On the other hand, a breakout of 1.3310 (23.6% Fibo of 1.3459-1.2827) would expose 1.3400 (psychological handle) and then 1.3459 (high Sep.29).
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